Despite the two-day public holidays declared last week Monday and Tuesday to commemorate the Eid el-Kabir celebration, the domestic bourse halted its bearish streak as gains in Airtel Africa (+10.0 per cent) lifted the All-Share Index and market capitalisation by 1.3 per cent to close the week at 52,215.12 and N28.158 trillion.

However, all other indices finished lower except the NGX-Main Board, NGX 30, NGX MERI Growth, NGX Oil/Gas, NGX Lotus II Indices which appreciated at 3.38 per cent, 0.91 per cent, 0.30 per cent, 0.02 per cent and 0.60 per cent while, the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat.

Also, a total turnover of 504.3 million shares worth N7.5 billion was recorded in 12,393 deals by investors on the floor of the Nigerian Exchange Limited (NGX), down from a total of 822.4 million units valued at N10.4 billion that changed hands in 20,643 deals on July 8, 2022.

The services industry followed with 74.9 million units worth N168.6 million in 954 deals. The oil and gas industry ranked third with a turnover of 42.7 million units worth N262 million in 798 deals.

Research Officer of Investdata Consulting Limited, Ambrose Omordion said the continued pullbacks in the face of a low traded volume signal the subsisting indecision and cautious trading as many players remain on the sidelines. Also, the rising inflation rate across the globe and rate hikes are slowing down economic growth and pointing to recession.

However, he posited that despite the prevailing challenges and mixed outlook of many economies, there are still opportunities in some sectors for medium to long-term investors to hedge against the soaring inflation and down market, just as the half-year earnings reporting season had kicked off.

Analysts at Codros Capital said: “We expect investors to trade cautiously in the week ahead as they anticipate the H1, 22 earnings season.

“Notwithstanding, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings.”

Further breakdown of last week’s transactions showed that a total of 2,414 units of exchange-traded products (ETPs) valued at N962,254 were traded last week in 10 deals compared with a total of 5,099 units worth N267,772.87 that were transacted in 17 deals during the preceding week.

Also, a total of 747,022 units of bonds valued at N775.1 million were traded in 23 deals compared to a total of 156,646 units worth N158.7 million transacted in 41 deals.

On the price movement chart, 20 equities appreciated during the week, lower than 31 recorded in the previous week. 32 equities depreciated higher than 26 achieved in the previous week.